Hey SeedGov,
Thank you for reviewing our proposal. We are happy to provide more clarity on the requested amount.
We are open to amending the request, and wish to share some context around the numbers:
- While the current TVL is around $600K, our peak TVL on the Arbitrum network reached approximately $1.4 million.
- We were able to achieve volumes of over $10 million in lending & borrowing with the above-mentioned TVL, showcasing significant utility for our product, even in the absence of any additional rewards.
- The entire TVL and volume was achieved without any token incentives, and we did not receive any ARB airdrop which could have been used as incentives earlier.
- We are committing to distributing a minimum of 1% of the TIME token supply, valued at 1:1 or higher than the grant request, to users on the ARB network before January 31, 2024. Very few protocols are committing to a 1:1 match of the grant value to be distributed to end users.
While we understand there are baseline metrics like TVL to qualify teams, we request the understanding of delegates to the context that TVL is driven to a large extent by rewards, and many teams building valuable products still do not have the rewards to attract liquidity to solve the cold start problem.
At Timeswap, we have dedicated considerable time and resources to ensure our product is ready to scale. With the launch of our pre-mine in a few weeks, we are confident we will be able to meet the TVL mentioned in the eligibility and evaluation guidelines.
We look forward to your feedback and comments and are open to further discussions to address any concerns. Thank you for your consideration.